Edward Jones arbitration case 09-02624

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Feb 7, 2011 2:06 pm

Just off the presses, a loss to Edward Jones in their $1 million claim against a former EJones rep for the non-solicitation, non-compete, and trade secret provisions of the EJones employment agreement.  The award should be available this week by searching the case #.  I am intimately familiar with the case and think it's a good win for the rep wanting to break free.  Not mentioned in the award, EJones "won" a TRO but the court specified that the rep could still talk to his clients about things not related to securities and could still ACAT accounts provided the client made the initial request of the rep.  If there was an ACAT the rep had the client sign an attestation that the ACAT was not solicited by the rep.  EJones however, LOST the permanent injunction hearing, which essentially removed the foregoing "limitations." 

The case also involved a counterclaim concerning defamation and wrongful customer complaint reporting.  All claims were dismissed.